WorldStage Newsonline– The National Insurance Commission, (NAICOM) and the Directorate of Road Transport Service (DTRS) of the Federal Capital Territory Authority (FCTA) have partnered to curb the incidences of third-party motor insurance irregularity.
The strategic collaboration is aimed at addressing issue of “FAKE” Third (3rd) Party Motor Insurance and Instances were persons circumvent the system by paying lower premium than expected.
The Commissioner for Insurance(CFI), NAICOM Olorundare Thomas made this known when he paid a courtesy visit on the Director, Road Transport Service, FCTA, Bello Abdul-Lateef in Abuja.
The Commissioner for Insurance informed the director on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 with premium increasing from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers.
According to him, an effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.
On his part, the Director, DRTS, noted that a lot of individuals that were renewing their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.
The Director, DRTS further said that they were now leveraging technology to curb such issues and that 98% of its processes are now automated.
In addition, he stated that individuals can now commence the process of their vehicle particulars renewal from the comfort of their homes.
